Indian Northeast policy to act as catalyst for trade with ASEAN countries

The Indian government is planning to engage Association of South East Asian Nations (ASEAN) in a big way as the new industrial policy being framed for the development of industries in northeast India would prove to act as a catalyst with the trade with ASEAN.

Department of Industrial Policy and Promotion (DIPP) of India will work with ASEAN nations to improve FDI inflow.
Department of Industrial Policy and Promotion (DIPP) of India will work with ASEAN nations to improve FDI inflow. Photo courtesy: globalrisksinsights

In this connection, the Indian Secretary of Department of Industrial Policy and Promotion (DIPP) revealed the strategy before the Parliamentary Standing Committee on Commerce. He said that the department would work with ASEAN nations to improve FDI inflow. It would be done through Business Leaders’ Forums, CEOs’ forums and Invest India and by further intensifying present efforts in this direction.

The Parliamentary Standing Committee on Commerce was briefed about the new Industrial Policy being framed for the development of industries in the North East region and how it would prove catalytic to the trade with ASEAN.

Notably, Singapore was the largest contributor of FDI inflows from the ASEAN countries as it alone accounted for USD54 billion out of total USD56 billion in 2000-2017 from the whole block of ASEAN nations.  

Secretary, DIPP attributed reasons for the bulk investment to the Double Tax Avoidance Agreement between India and Singapore. However, the Agreement has now been renegotiated and it is hoped that the skewed investment would be addressed.”

The Committee said it was also told that outbound FDI from India to ASEAN countries is a substantial amount of USD52 billion.

Author
CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.

Comments
Poll

Does real estate in India continue to attract you as an investment opportunity?

  • Yes - source of highest returns
  • Average - depends on the project
  • No - now I invest in the resident country
Answer
Write your story

Contribute an Article

Learn more